Saturday, 25 July 2015
Over 820 college and matriculation students from the 33 villages impacted by the Letpadaung copper project have got the scholarship granted by Myanmar Wanbao. A ceremony was held in Salingy Township Government on July 5th, 2015. U Thar Aye, Chief Minister of Sagain Regional Government, attended the ceremony. Mr Cao Desheng, Public Relations Manager of the company, were present at the event on behalf of Myanmar Wanbao and handed over the scholarship to the students. In 2015, A total of 64.8 million Kyats was put in the scholarship program, which is part of the company's community and social development (CSD) projects aimed at improving living conditions of local people.
Saturday, 25 July 2015
Myanmar Wanbao Launched massive community and social development projects in 2014 as part of its efforts to fulfill its corporate social responsibilities while developing the Letpadaung copper project in Monywar. We released our CSR report, which showcased what we have done in building harmonious relationship with communities, ensuring environmental protection and securing good work environment for our employees. Please see our CSR report as attached in PDF format.
In 2015, we still have a long list of things to do, and all of these tasks have one main aim: to help Myanmar and its people become happier and more prosperous. But how can a copper mining company achieve this, you might ask? The answer is by becoming an ever closer partner of the people of Myanmar, and those of Letpadaung in particular, as they seek to turn the gift of their resources into sustainable development. And now that our mine has started work, albeit after much delay, we can start making an even greater contribution to the people of Myanmar.
Saturday, 25 July 2015
Wanbao Mining Limited, headquarter in Beijing, is a wholly state-owned mining investment company with its business focused in mineral resources development and metal trading in Asia and Africa. Since 2010, it has been working with its Myanmar partners on the Monywa copper project in Sagaing region with the total investment to be around US$1.5 billion. Wanbao Mining has two sister companies in Myanmar, i.e. Myanmar Yang Tse Copper Limited ("Myanmar Yang Tse") and Myanmar Wanbao Mining Copper Limited ("Myanmar Wanbao"), which are playing a key role in boosting the development of Myanmar's mining industry while also benefiting the local people.
Myanmar Yang Tse is proud to be the only one producer in Myanmar for its LME registered Grade A Cathode Copper with the brand name of "Monywa S&K", which is mined from its Sabetaung and Kyisintaung (S&K) deposits in the Monywa Copper Mine area. It has a production capacity of 30,000 tons per year and will reach 50,000 tons per year by the end of 2015 in the wake of upgrading of the production facilities still being done. Myanmar Wanbao is developing the nearby Letpadaung deposit, which is the largest part of the Monyawa Copper Mine. It is hoped the Letpadaung mine, which is still under construction, will enter into production in 2015.
Win-Win and mutual benefit
Mineral resources will continue to play a key role in driving sustainable economic growth and boosting the per capita GDP among the people of Myanmar. It creates jobs, contributes to government revenues and nurtures a skilled work force for industrialization in the region.
Wanbao Mining sticks to mutual benefit while developing cooperation with its Myanmar partners, Mining Enterprise No 1("ME1") and Union of Myanmar Economic Holding Limited ("MEHL"). As per Production Sharing Contract, around 70 per cent of interests will go to Myanmar side despite 100% investment made by Wanbao Mining in the Letpadaung project for mine construction and mineral development. It is estimated that, upon entering into production, the Letpadaung project will directly contribute US$140 million annually to Myanmar government revenue. Indirectly, through local procurement, it will bring about US$70 million to local economy in the phase of mine construction within 3 years and US$193 million annually while the mine becomes operational.
As a responsible Chinese company, Wanbao Mining aligns its business strategy with community involvement. The aim for this is two-fold: to create more sustainable employment in the area and region, but also sew the first seeds of industrialization in the area. By creating backward and forward linkages through local procurement, Wanbao Mining hopes to create widest possible supplier network around its business. This will help sustainable development that will extend beyond the eventual decommissioning of the mine. This will also empower local villagers and give them more skills and control their lives.
Monday, 08 June 2015
Wednesday, 18 February 2015
Tuesday, 10 February 2015
With reference to the Amnesty International report titled, "Open for Business? Corporate Crime and Abuses at Myanmar Copper Mine" published today we would like to state that we find the report to be groundless, and we strongly refute its wild allegations and unsubstantiated claims. This report is not acceptable as it relies on hearsay and conjecture rather than on hard facts.
Wanbao Mining Ltd vehemently denies sensationalist claims of collusion with authorities to use force against protestors and villagers. Wanbao supports peaceful dialogue as the best way to achieve social peace and sustainable development.
We also would like to point out that the Amnesty International report quotes heavily out of context from an outdated version of an ESIA that is not the final version. The ESIA was carried out by the internationally renowned and respected Australian consultancy, Knight Piesold. The ESIA has taken over two years to prepare and review, and it was based on community consultations and followed an exhaustive process. During the consultation process a number of environmental and technical issues were raised and these issues were able to be addressed and resolved. The ESIA has gone through extensive reviews for over one year by the Review Team organised by the Ministry of Environment Conservation and Forestry consisting of 45 top environmental and social experts as well as Ministries, NGOs and community representatives in the country and who have paid site visits to similar projects in the Western Australia. Knight Piesold have prepared the ESIA using International Finance Corporation's (IFC) standards as a good practice guide to the achievement of sound environmental, social and health outcomes from the Project's implementation.
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